Bitcoin price steadily recovered after it plunged more than $600 on Wednesday. The first market mover went down over six per cent to bring its value from $7200 to $6550 to its lowest level in the last seven months.
The decline took along most of the altcoins, causing a brief bloodbath on Cryptoland. Ethereum, the second-most valuable Cryptocurrency bled more nine percentage point.
All top 10 coins were in the red. Interestingly, the only currency that made a difference in that gloomy period was Waves which surged 30 per cent.
However, at press time on Thursday GMT noon, it was selling around the $7200 range. Its percentage growth was 8.92 per cent.
Some analyst has attributed the temporal scare to a scam ran by PlusToken. Chainanalysis reportedly alleged that the scheme managed to steal $3 billion from victims and cashed out $185 million worth of Bitcoin via OTC brokers.
Another theory that came from Bitwala’s Market Watch had it that miners are capitulating. The claim indicated that the increase in the mining difficulty is causing uncompetitive miners to exist.
Top 10 Analysis
The current tide of Bitcoin has affected most of the elite coins. On top 10, it is only Tether, which is ranked 4th by CoinMarketCap that is unprofitable, lowering slightly by 0.55.
EOS is on top with an admirable accumulation of 9.20 per cent. In a similar vein, Litecoin, the Silver of Bitcoin swelled 7.01 per cent to clinch the 3rd growth rate for the day.
Further, Bitcoin SV which occupies the last but one spot on top 10 recorded 6.86 per cent gains. Bitcoin Cash made it up for yesterday’s significant loss with a 6.39 per cent accrual.
The Token of the world’s biggest exchange by volume, Binance Coin joined the winning pack bagging 4.77 per cent. Ethereum and XRP rose 3.51 and 3.35 percentage points, respectively.
Meanwhile, Tezos, the dApps and Smart Contract platform made the least earnings. It recently surprised the Crypto community by invading the top 10 with some splendid germination.
Will BTC Sustain Gains
The fall of Bitcoin price to the $6000 echelons solicited many opinions with many predicting further dive. On Crypto Twitter, there were mix feelings.
One User called SFC Group urged hodlers to sell immediately since the price will continue to tumble. “The price of bitcoin will fall down more and more. It will be hard to defend $7000. I think now is a good time to get your original money from Cryptocurrency. Regards,” GFC Group posted.
Another User, Llama Market, the fall was an opportunity for him to garner followers. He wrote:
“I’m about to get another windfall of followers. Every time I’m correct about BTC price slipping lower, more people join Llama Market. Hopefully, they stick around, so we can all enjoy buying near the bottom together.”
Christmas seasons are usually a good time for Crypto asset markets. At QT, our stance is that keep hodling and time will tell.